Barbados represented at OECD meeting in France

A Barbados delegation is to hold talks next week with officials from the Paris-based Organization for Economic Cooperation and Development (OECD).

A government statement said that the team from the Ministry of International Business will be attending the Forum on Harmful Tax Practice (FHTP) from January 9 to 11.

It said that during the forum, the final review of Barbados’ response to the Base Erosion and Profit Shifting (BEPS) initiative will take place.

“Barbados was one of the first countries in the world to converge its local and international tax rates, making its tax system globally competitive. From January 1, this year, domestic companies started paying the same tax rates as international companies. The move sought to bring the country in line with the BEPS initiative, while avoiding severe international sanctions,” the statement said.

It said that after the FHTP meeting, the OECD will disclose its decision about Barbados’ response to the BEPS initiative.

The director of International Business, Kevin Hunte is being accompanied by the principal Legal Officer, Amanda Osolo; and Special Advisor to the Government on International Business, Ben Arrindell, at the meeting.